Dogecoin (DOGE) Price Powers 24% Higher, Eyes Test of Yearly Highs At $0.2280 as Trump Election Victory Nears

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Joel Frank

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Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

November 5, 2024 23:28 EST

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The Dogecoin (DOGE) price is on a tear, having pumped up 24% so far on the day, as ex-US President Trump hones in on a landslide US presidential election victory.

DOGE was last trading just under $0.21, close to its highest levels of 2024.

Polymarket has Trump’s odd of winning the presidency at now above 90%. His odds of winning the popular vote (very unusual for a Republican candidate) are now at 80%, while his odds of winning every swing state are at 65%.

And that has sent cryptocurrency markets surging, thanks to Trump’s staunchly pro-crypto policy stances that he revealed this year.

Bitcoin (BTC) hit fresh record highs above $75,000 in recent trade, but the Dogecoin price is stealing the spotlight.

That’s because Elon Musk will potentially join a future Trump administration as the head of a new agency called the Department of Government Efficiency, which has the acronym DOGE.

Musk has been a long-term supporter of Dogecoin, and Dogecoin is about to get a lot more attention if Musk is about to establish a Department of Government Efficiency.

Where Next for the Dogecoin (DOGE) Price?

With a Trump victory all but now confirmed, could a new meme season be here? Well, it sure does give the market plenty of bullish narratives.

Trump wants to establish a national Bitcoin reserve. Trump wants to fire anti-crypto SEC chair Gary Gensler. Trump is a big fan of DeFi, as emphasized by his support for the upcoming project World Liberty Financial.

And a Republican sweep of Congress sets up the likelihood of the passage of broad crypto regulations in 2025.

That’s plenty to get the crypto markets amped up in the coming weeks. And remember this comes at a time when 1) the US economy remains robust and 2) the Fed is cutting interest rates.

So a new meme coin could be about to arrive. And Dogecoin (DOGE) is likely to be a leader thanks to the Department of Government Efficiency narrative.

The Dogecoin price is likely to test its 2024 highs in the $0.2280 area very soon. And a break above here could open the door to a renewed surge back towards record highs in the $0.75 area.